New Multi Family Investor

[Robert Rainey]

Hi All. Im writing as a seasoned SFH Investor. I have done a lot of SFH flips and rentals over the past 7 years and Im now looking into buying and holding multi family with a hybrid BRRR model. I found a vacant 20 unit apartment building in a agricultural part of Florida. I can do the deal cash but I would like to do a refi to get it back, if I do the deal cash. I have a lead and the offer wont last much longer but I need help getting started with due diligence. The property is in North East Palm Beach county. Im contacting the County as well as a GC and Engineer to assist. However, I know you guys are Investors and know the pitfalls.

The building is a mix of 1/1's and 2/1's. I can get 550 a month on the 1/1's for sure and even at that rate the numbers are very favorable being every unit will be completely rehabbed, so from a cash flow standpoint its good. Im also considering subsidized based housing like Veterans, Transitional housing or even assisted living. Those are the exit strategies Ive thought about. Any help would be greatly appreciated.